“Online fraud detection is growing in complexity and demand, and its tools are being used for risk-based authentication and new account fraud prevention. Security and risk management leaders involved in online fraud detection should use machine-learning analytics and cloud-based deployment options.”

Find out what Gartner recommends to security and risk management leaders responsible for fraud prevention and payment security, including:

Align with cross-organizational groups, such as security, identity and access management, credit/underwriting to map out digital, and contact center use case technologies. This will help detect high-risk or anomalous activity and identity which solutions can support multiple use cases to enable greater investment in new capabilities.

Quantify the revenue impact of false positives and poor customer experience due to legacy techniques and policies aimed at reducing fraudulent events. Consider an expanded ROI calculation to increase revenue opportunities, as well as reduce potential fraud losses.

Experiment with unsupervised or semisupervised machine learning for the evaluation of customer activity across multiple channels. This should include data from existing OFD tools, point solutions that detect behavior anomalies and connections between seemingly disconnected fraud attacks, and identify opportunities to reduce false positives.

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